SpaceX has revised its initial public offering (IPO) valuation target down to at least $1.8 trillion from an earlier ambition of above $2 trillion, as the company prepares to launch its investor roadshow as soon as June 4 with pricing expected by June 11, according to Bloomberg News.
The adjustment, made after consultations with advisers and investors, comes as Wall Street wrestles with whether markets can absorb multiple mega-listings within a compressed timeframe. SpaceX is seeking to raise as much as $75 billion, which would still set a record as the largest IPO ever executed, surpassing Saudi Aramco’s 2020 listing.
The company generated $18.7 billion in revenue in 2025, driven primarily by Starlink, its satellite internet service, which now serves more than 10 million subscribers globally. SpaceX also acquired Elon Musk’s artificial intelligence venture xAI in February, adding the Grok chatbot and the social media platform X to its portfolio and repositioning it as an AI infrastructure and services company alongside its aerospace operations. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan are among 23 banks leading the offering. SpaceX will list on Nasdaq under the ticker SPCX.
Nigel Green, chief executive of advisory firm deVere Group, flagged the valuation cut as a sign of the limits facing even the most anticipated offerings. He warned: “Even highly enthusiastic markets have limits.”
Green pointed to a broader supply challenge building in global markets. SpaceX’s listing is expected to be followed by IPOs from OpenAI and Anthropic, which is currently in talks for a funding round above $900 billion. If all three proceed within months of each other, institutional investors including pension funds, sovereign wealth funds and exchange-traded funds would face difficult capital allocation decisions, potentially redirecting money from established technology giants toward the new generation of AI and space companies.
The deVere chief also highlighted the concentration of control as a risk factor for incoming public shareholders. Elon Musk maintains overwhelming influence over SpaceX’s strategic decisions through a voting share structure that gives insiders, including Musk and president Gwynne Shotwell, disproportionate power relative to economic ownership.
SpaceX’s IPO prospectus, filed with the United States Securities and Exchange Commission (SEC) on May 20, projects a total addressable market of $28.5 trillion, encompassing satellite connectivity, AI infrastructure, launch services and future space-based industries. The company spent $930 million on Starship research and development in the first quarter of 2026 alone, reflecting the capital intensity of its long-term ambitions.
